According to fresh statistics, the percentage of the worldwide Bitcoin mining business that uses renewable energy climbed by 1 percent to 58.5 percent in the fourth quarter of 2021. On January 18, the Bitcoin Mining Council (BMC) released the results of its fourth quarter survey. According to the report, 66.1 percent of the Mining Council’s members use a renewable energy mix to produce electricity.
Three focused indicators in the survey were the renewable power mix, technical efficiency, and electricity usage. The BMC was founded in May 2021 and is a voluntary worldwide forum of Bitcoin mining businesses.
According to Michael Saylor, who is Founder and CEO of MicroStrategy and member of the BMC, the quick growth of mining, the China Exodus, worldwide focus on renewable power and improvement in technology resulted in significant improvements in Bitcoin mining energy efficiency and sustainability.
The worldwide Bitcoin mining industry’s renewable energy mix was estimated to be at 58.5 percent in Q4, up one percentage point from Q3. The expected technical efficiency of the sector increased by 9 percent.
At a hearing on January 20, the House Committee on Energy and Commerce of United States Congress announced important witnesses to speak on the energy and environmental consequences of crypto mining. Brian Brooks, the CEO of BitFury, Ari Juels, a Cornell Tech professor, and John Belizaire, the CEO of Soluna Computing, are among the notable witnesses.
As pressure from the public, shareholders, and governments grows, bitcoin miners are increasingly exploring for sustainable energy sources. Investors such as Shark Tank’s Kevin O’Leary, or Mr. Wonderful, say they want to buy stocks in mining businesses that use renewable energy.
